ISTANBUL - D-MARKET Electronic Services & Trading, commonly known as Hepsiburada (NASDAQ: HEPS), has announced that on October 17, 2024, Joint Stock Company Kaspi.kz, a Kazakhstan-based entity, entered into a Stock Purchase Agreement with certain selling shareholders of Hepsiburada. The agreement stipulates that Kaspi.kz will acquire all outstanding Class A and Class B shares held by these shareholders, leading to an anticipated change of control of the Turkish e-commerce platform.
The sellers, identified as Hepsiburada's founder Hanzade Vasfiye Doğan Boyner and family members Vuslat Doğan Sabancı, Yaşar Begümhan Doğan Faralyalı, Arzuhan Doğan Yalçındağ, and Işıl Doğan, are parting with their shares subject to regulatory approvals. The transaction does not involve Hepsiburada’s shareholder TurkCommerce B.V., nor does it include a tender offer for the shares of minority stockholders.
Hepsiburada, a leading e-commerce technology platform in Türkiye, serves a vast customer base with over 66 million members and offers a wide range of products spanning more than 30 categories. The company operates through a hybrid model that includes first-party direct sales and a third-party marketplace, supporting approximately 101 thousand merchants.
The platform's ecosystem encompasses various services, including last-mile delivery, advertising, on-demand grocery delivery, and payment solutions through Hepsipay. Hepsiburada also runs HepsiGlobal, which facilitates international commerce for Turkish merchants.
Since its inception in 2000, Hepsiburada has been committed to empowering women entrepreneurs in Türkiye. The company's 'Technology Empowerment for Women Entrepreneurs' program, launched in 2017, has aided around 55 thousand female entrepreneurs to access a broader market.
As stated in the press release, Hepsiburada expects to continue operating under its current brand following the transaction. The company has directed investors to the Form 6-K filed by Kaspi.kz for further information. This news is based on a press release statement from D-MARKET Electronic Services & Trading.
In other recent news, Hepsiburada, a leading Turkish e-commerce platform, has seen significant financial growth and strategic developments. The company reported a 33% year-on-year increase in order volume for the second quarter of 2024, reaching 36.7 million. Its Gross Merchandise Volume (GMV) doubled compared to the first half of 2023, and active customers grew to 12.1 million.
Hepsiburada also issued bonds through its subsidiary, Hepsi Finansman A.Ş., marking the first tranche of a bond program approved by the Capital Markets Board. The bonds, with a principal amount of TRY 250 million, will support the expansion of Hepsifinans's consumer finance business. In addition, Hepsiburada raised TRY 350 million through its second asset-backed securities issuance, aimed to bolster its Buy Now, Pay Later business segment.
The company has also reshuffled its Board of Directors' committees, enhancing its corporate governance and risk management practices. These recent developments reflect Hepsiburada's resilience and adaptability amid economic challenges. As per analysts, the company anticipates a strong third quarter, forecasting GMV growth between 70% and 75% year-on-year, and an EBITDA margin of approximately 2.2% of GMV.
InvestingPro Insights
As Hepsiburada undergoes this significant change in ownership, investors may find additional context from InvestingPro's real-time data and tips particularly illuminating.
According to InvestingPro data, Hepsiburada's market capitalization stands at $707.04 million USD, reflecting its position as a substantial player in the Turkish e-commerce sector. This valuation comes despite the company not being profitable over the last twelve months, with a negative P/E ratio of -13.5. However, an InvestingPro Tip suggests that analysts predict the company will be profitable this year, which could be a positive sign for potential investors and the new owners.
The company's revenue for the last twelve months as of Q2 2024 was reported at $1,202.92 million USD, with a modest growth of 0.97%. This aligns with Hepsiburada's description as a leading e-commerce platform in Turkey, serving over 66 million members across various product categories.
Interestingly, an InvestingPro Tip indicates that Hepsiburada holds more cash than debt on its balance sheet. This financial stability could be attractive to Kaspi.kz as they move forward with the acquisition, potentially providing flexibility for future investments and expansion.
The stock's performance has been volatile, with a significant 64.18% price increase over the last six months, contrasting with a 31.46% decline over the past three months. This volatility, highlighted by another InvestingPro Tip, may be partly attributed to the recent acquisition news and market speculation.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips for Hepsiburada, providing a more comprehensive view of the company's financial health and market position as it enters this new chapter under Kaspi.kz's control.
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